Canopy Growth Corp. earned $392.4 million in its latest quarter on a 23 per cent increase in revenues as it maintained its leading market share in the recreational cannabis market.
The cannabis company says its net income in the first quarter of its fiscal year amounted to 84 cents per diluted share, compared with a loss of 30 cents per share or $108.5 million a year earlier.
Revenues for the three months ended June 30 increased to $136.2 million from $110.4 million or an increase of 19 per cent excluding acquisitions.
Cannabis revenues grew 17 per cent to $93 million driven by a 35 per cent increase in Canadian recreational cannabis sales, a three per cent decrease in Canadian medical cannabis and an eight per cent drop in international sales.
Consumer products revenue was up 39 per cent to $43 million.
Canopy was expected to lose 23 cents per share on $149 million of revenues, according to financial data firm Refinitiv.
“With the right strategy and strong foundation in place we are confident in our ability to deliver long-term success as Canopy’s products and brands continue to demonstrate their appeal to consumers in our core markets,” stated CEO David Klein.
The company says more than 100 items are set to hit store shelves throughout the remainder of the 2022 fiscal year.
Chief financial officer Mike Lee said the company is on track to achieve $150 million to $200 million in cost savings and operational efficiencies through the next fiscal year.
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